Happy New Year. PREVI NOVARTIS MONTHLY REPORT January 18, Macroeconomic Overview
|
|
- Helena Elliott
- 5 years ago
- Views:
Transcription
1 Happy New Year PREVI NOVARTIS MONTHLY REPORT 1- Macroeconomic Overview Moving in opposite directions, the Fed raised interest rates while the ECB expanded monetary stimulus; concern about Chinese economy remains. In Brazil, BCB signaled an interest rate hike; new finance minister takes office. International In the US, the Fed raised its benchmark rate by 25 bps to 0.5% per annum, after almost 10 years without change, and signaled that subsequent hikes will be gradual. The reasons are the economic growth expectations, good performance of labor market and accelerating inflation. In Europe, the low level of inflation led the ECB to adjust its stimulus measures. The deposit rate was reduced from - 0.2% to -0.3% and the monthly asset purchasing program was extended until March In China, economic activity showed signs of recovery in November, with industrial production and retail sales growing more than expected. However, GDP growth in the coming years is likely to slow to 6.5%. Brazil The Federal Supreme Court (STF) established the steps to be taken as part of the impeachment process of President Dilma Rousseff. The process will resume after the end of Congressional recess, on February 2. In the Finance Ministry, Joaquim Levy was replaced by Nelson Barbosa, former Planning Minister. The change brought more doubts about the continuity of the adjustment on public accounts. IPCA, the consumer price index, rose 0.96% in December, accumulating 10.67% in The last Central Bank's Inflation Report signaled a likely increase in interest rates in January. Brazil lost its investment grade rating from Fitch, downgrading the sovereign credit rating from BBB- to BB+, with a negative outlook, following Standard & Poor's. The country is still considered investment grade by Moody's. The public sector's primary deficit was BRL 19.5 billion in November, totaling BRL 52 billion over 12 months (0.9% of GDP). In addition, the government decided to pay in full all the remaining delayed expenses - totaling BRL 57 billion - in December, which should drive the primary budget deficit to about 2% of GDP in The external accounts continue to surprise positively. In November, the current account deficit was narrower than expected, at USD 2.9 billion, while direct investment in the country totaled USD 4.9 billion. From January to November 2015, the current account deficit was USD 56 billion, about USD 4 billion less than direct investment in the country, opposite situation to 2014, when the deficit was wider than the direct investment. Sources- Macroeconomics: Itaú, Bradesco, HSBC, Santander, Citibank, Central Bank s Focus Survey
2 2- Portfolio per asset manager and per segment (BRL mio) Asset Manager & Funds ALM Fixed Income Structured Equities IMA-S IMA Composed Hedge Funds Long & Short IBrX Dividends Value / Growth Offshore $ % ARX 1,4 1,4 0,2% BNP Paribas 190,8 2,5 193,3 21,5% BBM 1,5 1,5 0,2% Bradesco 309,2 86,0 4,6 399,8 44,5% BRZ 2,1 2,1 0,2% BTG 2,0 2,0 0,2% Itaú 191,3 86,2 2,1 279,5 31,1% Oceana 3,4 4,6 8,0 0,9% Pollux 2,0 2,0 0,2% Safra 0,9 0,9 0,1% Santander 2,7 2,7 0,3% Vinci 2,2 2,2 4,4 0,5% Total 309,2 382,1 172,2 3,8 8,6 9,2 4,2 6,2 2,1 897,5 100,0% Total Allocation per asset manager Allocation per segment (not included ALM) 3- Portfolio allocation per profile Period Allocation by profile (BRL mio) ALM Super Conservative Conservative Moderate Aggressive Total Apr ,7 367,2 115,4 85,7 3,4 854,4 May ,2 368,9 117,6 86,5 3,4 861,6 Jun ,5 370,5 118,0 87,1 3,5 865,6 Jul ,6 374,5 119,1 87,9 3,5 872,6 Aug ,7 377,4 118,1 85,9 3,4 871,6 Sep ,5 358,7 118,1 91,9 3,6 874,8 Oct ,6 375,5 116,9 82,3 3,5 883,9 Nov ,7 378,1 118,3 83,2 3,4 890,8 Dec ,2 381,3 120,0 83,5 3,4 897,5 Portfolio in BRL million Page 2
3 4- Performance Profile ALM 1,80% 1,11% 1,30% 1,48% 1,32% 0,94% 0,80% 0,09% 0,58% 1,32% 1,17% 1,54% 5,61% 14,27% Super Conservative 0,95% 0,83% 1,03% 0,95% 1,00% 1,06% 1,20% 1,10% 1,10% 1,10% 0,98% 1,20% 6,88% 13,24% Conservative 1,95% 0,62% 0,18% 1,39% 1,78% 0,37% 0,84% -0,99% -0,36% 1,52% 0,84% 1,22% 3,08% 9,73% Moderate 0,63% 1,74% 0,28% 2,33% 0,54% 0,47% 0,48% -2,18% -0,55% 1,55% 0,47% 0,49% 0,23% 6,36% Aggressive -0,76% 2,70% 0,26% 3,10% -0,59% 0,64% -0,23% -3,13% -1,02% 1,38% 0,18% 0,01% -2,84% 2,42% December 2015 Last 12 months Segment ALM 1,80% 1,11% 1,30% 1,48% 1,32% 0,94% 0,80% 0,09% 0,58% 1,32% 1,17% 1,54% 5,61% 14,27% Fixed Income - IMA-S 0,96% 0,84% 1,03% 0,95% 1,01% 1,06% 1,21% 1,11% 1,11% 1,11% 0,98% 1,21% 6,92% 13,32% - IMA- Composed ** 2,04% 0,58% 0,13% 1,46% 1,83% 0,37% 0,84% -1,09% -0,46% 1,58% 0,85% 1,22% 2,95% 9,70% Structured - Hedge Funds 1,03% 2,36% 2,04% -0,13% 1,91% -0,61% 2,53% -0,10% 2,11% 0,92% 1,18% 1,00% 7,87% 15,15% - Long & Short 0,37% 1,18% 1,02% 0,53% 0,86% 1,17% 0,52% 1,24% 1,02% 0,77% 0,48% 1,40% 5,56% 11,10% Equities - IBrX -6,55% 8,64% 0,72% 8,21% -4,85% 0,94% -3,32% -7,56% -3,05% 0,43% -1,84% -2,82% -16,98% -11,78% - Dividends -3,19% 6,75% 0,72% 4,31% -3,59% 1,16% -0,68% -6,88% -0,38% 2,96% -1,01% -1,79% -7,78% -2,34% - Value / Growth -5,48% 4,58% 0,46% 4,47% -3,42% 1,82% -0,21% -5,86% -1,76% 3,20% 1,36% -0,51% -3,95% -2,01% - Offshore -3,00% 6,40% -5,14% 11,01% -0,49% 5,88% 4,65% 0,45% 0,28% 23,29% 20,71% Indicator CDI (interbank deposit) 0,93% 0,82% 1,03% 0,95% 0,98% 1,06% 1,18% 1,11% 1,11% 1,11% 1,06% 1,16% 6,92% 13,24% 25,47% 35,57% IMA-S 0,93% 0,82% 1,04% 0,95% 0,99% 1,06% 1,18% 1,11% 1,11% 1,11% 1,06% 1,16% 6,92% 13,27% 25,52% 35,82% IMA-Geral ex-c 2,08% 0,49% 0,09% 1,55% 1,83% 0,30% 0,58% -1,11% -0,40% 1,50% 1,00% 1,02% 2,59% 9,25% 22,77% 21,60% IMA composed ** 1,89% 0,66% 0,40% 1,12% 1,51% 0,52% 1,08% -0,78% -0,15% 1,59% 0,88% 1,19% 3,85% 10,34% N/A N/A Ibovespa -6,20% 9,97% -0,84% 9,93% -6,17% 0,61% -4,17% -8,33% -3,36% 1,80% -1,63% -3,93% -18,33% -13,30% -15,83% -28,88% IBrX -5,88% 9,33% -0,51% 9,12% -5,47% 0,76% -3,44% -8,25% -3,11% 1,36% -1,66% -3,79% -17,68% -12,41% -14,86% -17,53% IDIV -11,18% 10,17% -4,14% 11,84% -6,97% -2,50% -3,46% -11,08% -6,18% 6,45% -7,60% -3,75% -23,75% -27,45% -40,50% -43,01% Saving Accounts 0,59% 0,52% 0,63% 0,61% 0,62% 0,68% 0,73% 0,69% 0,69% 0,68% 0,63% 0,73% 4,22% 8,08% 15,74% 23,11% USD 0,23% 8,11% 11,46% -6,68% 6,19% -2,40% 9,39% 7,45% 8,95% -2,87% -0,22% 1,41% 25,86% 47,02% 66,68% 91,05% CPI (IPCA) 1,24% 1,22% 1,32% 0,71% 0,74% 0,79% 0,62% 0,22% 0,54% 0,82% 1,01% 0,96% 4,24% 10,67% 17,77% 24,73% IGP-DI (FGV) 0,67% 0,53% 1,21% 0,92% 0,40% 0,68% 0,58% 0,40% 1,42% 1,76% 1,19% 0,44% 5,92% 10,68% 14,86% 21,21% Actuarial Target * 1,00% 0,86% 1,54% 1,25% 0,73% 1,01% 0,91% 0,73% 1,75% 2,09% 1,52% 0,77% 8,02% 15,11% 24,24% 36,35% * IGP-DI + 4% p.a. ** 20% IMA-S + 14,4% IRF-M1 + 25,6% IRF-M % IMA-B5 + 10% IMA-B5+ The financial market worsened again in December. The BRL depreciated 1.4% compared to November, closing the year at 3.90 reais per dollar. The country risk measured by the 5-year CDS widened 47 bps, ending the month at 492 bps. The Ibovespa benchmark stock index fell by 3.9% in BRL and 5.2% in USD. In this fragile political and economic environment, Previ Novartis' most conservative funds showed the best performance in December, a trend seen throughout Page 3
4 5- Fixed Income ALM Bradesco 1,80% 1,11% 1,30% 1,48% 1,32% 0,94% 0,80% 0,09% 0,58% 1,32% 1,17% 1,54% 5,61% 14,27% N/A Fixed Income: IMA-S BNP Paribas 0,95% 0,83% 1,06% 0,95% 1,00% 1,08% 1,20% 1,15% 1,14% 1,11% 0,95% 1,26% 7,00% 13,44% Itaú 0,97% 0,85% 1,01% 0,95% 1,01% 1,05% 1,23% 1,07% 1,08% 1,11% 1,02% 1,16% 6,86% 13,26% IMA-S 0,93% 0,82% 1,04% 0,95% 0,99% 1,06% 1,18% 1,11% 1,11% 1,11% 1,06% 1,16% 6,92% 13,27% 25,52% 35,82% Fixed Income: IMA composed Bradesco 1,96% 0,62% 0,19% 1,29% 1,76% 0,46% 1,02% -1,03% -0,44% 1,63% 0,87% 1,27% 3,34% 9,98% Itaú 2,12% 0,55% 0,06% 1,62% 1,89% 0,29% 0,65% -1,16% -0,47% 1,52% 0,84% 1,18% 2,56% 9,42% IMA composed * 1,89% 0,66% 0,40% 1,12% 1,51% 0,52% 1,08% -0,78% -0,15% 1,59% 0,88% 1,19% 4,39% 10,34% Structured: Hedge Fund ARX 0,49% 1,02% 0,68% 0,65% 1,06% -0,94% 1,81% 1,24% 1,91% 1,28% 0,78% 0,14% 7,38% 10,57% BBM 0,14% 0,69% 1,54% -0,12% 2,08% 0,65% 1,91% 1,57% 2,69% 0,88% 1,66% 0,88% 9,98% 15,54% Safra 3,06% 6,43% 4,46% -1,06% 2,90% -1,96% 4,43% -4,62% 1,53% 0,43% 1,02% 2,48% 5,14% 20,25% CDI 0,93% 0,82% 1,03% 0,95% 0,98% 1,06% 1,18% 1,11% 1,11% 1,11% 1,06% 1,16% 6,92% 13,24% 25,47% 35,57% Structured: Long & Short BNP Paribas -0,15% 1,79% 1,12% 0,12% 0,76% 1,04% 0,13% 0,82% 0,80% 0,88% 0,62% 1,92% 5,28% 10,28% Oceana 0,41% 0,93% 1,37% 0,87% 0,76% 1,32% 0,35% 1,45% 0,49% 0,94% 0,15% 1,18% 4,64% 10,69% Santander 0,87% 0,79% 0,66% 0,62% 1,05% 1,09% 1,12% 1,36% 1,92% 0,46% 0,79% 1,19% 7,02% 12,58% CDI 0,93% 0,82% 1,03% 0,95% 0,98% 1,06% 1,18% 1,11% 1,11% 1,11% 1,06% 1,16% 6,92% 13,24% 25,47% 35,57% * IMA-Composed (20% IMA-S + 14,4% IRF-M1 + 25,6% IRF-M % IMA-B5 + 10% IMA-B5+) since January Previous benchmark was IMA-G ex-c Nominal Interest During a turbulent December, a number of factors contributed to the deterioration of the domestic environment: (a) increase of interest rates in the US; (b) smaller-than-expected stimulus from the European Central Bank; (c) loss of Brazil investment grade by a second rating agency, with a negative outlook (S&P first, and now Fitch); (d) Brazilian Central Bank signaled the intention to increase the Selic rate at the next meeting; (e) in the political sphere, the request to impeach the current president Dilma Rousseff was suspended until the Supreme Court rules on the validity of the impeachment process - this increases the chance of the current government staying in power; (f) Joaquim Levy left the Finance Ministry and was replaced by Planning Minister Nelson Barbosa, bringing more doubts about the fiscal adjustment. With all these factors together, the result could not be different: an unavoidable widening at the long end of the yield curve. Real Interest - The real yield curve followed the same trend as the nominal yield curve, with longer maturities under pressure. The positive highlight was the performance of short NTN-B (bonds linked to inflation) - just over 2% (IMA-B5) - due to high inflation that contributed to benchmarks that have these assets in their composition. In December, Previ Novartis' fixed income funds showed very good performance. In 2015, the most conservative funds that follow the Selic rate obtained better results. And the strategy adopted by Previ Novartis in 2015, replacing the IMA-G benchmark by IMA-Composite (with shorter duration), proved to be the winner. Nominal Yield Curve Real Yield Curve Page 4
5 6- Equities Equities: IBrX Bradesco -5,70% 7,36% 0,19% 8,06% -4,64% 1,10% -2,47% -7,42% -3,01% -0,94% -1,66% -3,77% -17,90% -13,24% Oceana -7,41% 9,89% 1,23% 8,37% -5,06% 0,77% -4,20% -7,70% -3,09% 1,81% -2,02% -1,85% -16,11% -10,41% IBrX -5,88% 9,33% -0,51% 9,12% -5,47% 0,76% -3,44% -8,25% -3,11% 1,36% -1,66% -3,79% -17,68% -12,41% -14,86% -17,53% Equities: Dividends BTG Pactual -3,25% 8,25% 1,95% 5,21% -3,57% 1,99% -1,40% -6,34% -2,39% 1,87% -1,59% -2,05% -11,49% -2,20% Vinci Partners -3,13% 5,25% -0,53% 3,36% -3,60% 0,38% -0,02% -7,39% 1,45% 3,96% -0,47% -1,55% -4,32% -2,96% IDIV -11,18% 10,17% -4,14% 11,84% -6,97% -2,50% -3,46% -11,08% -6,18% 6,45% -7,60% -3,75% -23,75% -27,45% -40,50% -43,01% Equities: Value / Growth BRZ -7,53% 3,63% 1,14% 4,24% -2,73% 3,02% 0,77% -5,92% -4,68% 1,69% 0,73% 0,18% -7,26% -6,11% Pollux -4,15% 6,60% 1,62% 4,51% -3,42% 1,51% -1,41% -4,78% -0,36% 2,68% 0,03% -1,15% -5,03% 1,03% Vinci Partners -4,65% 3,63% -1,37% 4,68% -4,13% 0,90% -0,05% -6,88% -0,22% 5,17% 3,19% -0,57% 0,21% -1,11% IBrX -5,88% 9,33% -0,51% 9,12% -5,47% 0,76% -3,44% -8,25% -3,11% 1,36% -1,66% -3,79% -17,68% -12,41% -14,86% -17,53% Equities: Offshore FoF Itaú -3,00% 6,40% -5,14% 11,01% -0,49% 5,88% 4,65% 0,45% 0,28% 23,29% N/A MSCI World (BRL) -4,67% 6,24% -4,79% 11,28% 0,13% 4,74% 4,74% 0,88% -0,48% 22,72% N/A The Brazilian stock market fell in the last month of The IBrX 100 index declined 3.8% in December, accumulating losses of 12.4% in the year. The index closed the year at 18,133 points, the same level of mid Foreign flow was negative by BRL 4.3 billion in the month, but positive by BRL 16 billion in Agribusiness companies (Cosan +4.6%) and construction (MRV +5.1%) had a positive performance in December, while the steel industry (Usiminas -29.6%) and oil (Petrobras -12,7%) had the worst performance. In 2015, pulp & paper industry (Suzano +72.7% and Fibria +71.4%) were the top performers, while the steel industry (Usiminas -69.1% and Gerdau -50.1%) had negative highlight. The main risks to the stock market remain, in the international scenario, the pace of increase of US interest rates and slowing growth in the Chinese economy, leading to a sharp reduction on price of commodities. In the domestic context, weak economic data, coupled with the difficulty in implementing the fiscal measures, high interest rates and exchange rate volatility may move away investors from the stock market. Despite the negative performance of the Brazilian stock market, Previ Novartis' equity funds had a good result in December. All of them performed above their respective benchmarks. The highlight of 2015 was the decision to invest in overseas funds, with a positive return of 23.29% since April. Stock Exchanges in the world (performance in USD) In a year far from bright for global stock markets due to the strong dollar, the IBrX performed the worst result Main contributions to the IBrX index Commodities (Petrobras and Vale) and banks (Bradesco and Itaú) set the tone of the stock market in The positive highlight was the pulp and paper industry. Page 5
6 7- Performance Super Conservative profile Fixed Income: IMA-S BNP Paribas 0,95% 0,83% 1,06% 0,95% 1,00% 1,08% 1,20% 1,15% 1,14% 1,11% 0,95% 1,26% 7,00% 13,44% Itaú 0,97% 0,85% 1,01% 0,95% 1,01% 1,05% 1,23% 1,07% 1,08% 1,11% 1,02% 1,16% 6,86% 13,26% IMA-S 0,93% 0,82% 1,04% 0,95% 0,99% 1,06% 1,18% 1,11% 1,11% 1,11% 1,06% 1,16% 6,92% 13,27% Weighted Performance 0,96% 0,84% 1,03% 0,95% 1,01% 1,06% 1,21% 1,11% 1,11% 1,11% 0,98% 1,21% 6,92% 13,32% Weighted Benchmark 0,93% 0,82% 1,04% 0,95% 0,99% 1,06% 1,18% 1,11% 1,11% 1,11% 1,06% 1,16% 6,92% 13,27% Page 6
7 8- Performance Conservative profile Fixed Income: IMA Composed Bradesco 1,96% 0,62% 0,19% 1,29% 1,76% 0,46% 1,02% -1,03% -0,44% 1,63% 0,87% 1,27% 3,34% 9,98% Itaú 2,12% 0,55% 0,06% 1,62% 1,89% 0,29% 0,65% -1,16% -0,47% 1,52% 0,84% 1,18% 2,56% 9,42% IMA- Composed * 1,89% 0,66% 0,40% 1,12% 1,51% 0,52% 1,08% -0,78% -0,15% 1,59% 0,88% 1,19% 3,85% 10,34% Hedge Funds ARX 0,49% 1,02% 0,68% 0,65% 1,06% -0,94% 1,81% 1,24% 1,91% 1,28% 0,78% 0,14% 7,38% 10,57% BBM 0,14% 0,69% 1,54% -0,12% 2,08% 0,65% 1,91% 1,57% 2,69% 0,88% 1,66% 0,88% 9,98% 15,54% Safra 3,06% 6,43% 4,46% -1,06% 2,90% -1,96% 4,43% -4,62% 1,53% 0,43% 1,02% 2,48% 5,14% 20,25% CDI 0,93% 0,82% 1,03% 0,95% 0,98% 1,06% 1,18% 1,11% 1,11% 1,11% 1,06% 1,16% 6,92% 13,24% Long & Short BNP Paribas -0,15% 1,79% 1,12% 0,12% 0,76% 1,04% 0,13% 0,82% 0,80% 0,88% 0,62% 1,92% 5,28% 10,28% Oceana 0,41% 0,93% 1,37% 0,87% 0,76% 1,32% 0,35% 1,45% 0,49% 0,94% 0,15% 1,18% 4,64% 10,69% Santander 0,87% 0,79% 0,66% 0,62% 1,05% 1,09% 1,12% 1,36% 1,92% 0,46% 0,79% 1,19% 7,02% 12,58% CDI 0,93% 0,82% 1,03% 0,95% 0,98% 1,06% 1,18% 1,11% 1,11% 1,11% 1,06% 1,16% 6,92% 13,24% Weighted Performance 1,95% 0,62% 0,18% 1,39% 1,78% 0,37% 0,84% -0,99% -0,36% 1,52% 0,84% 1,22% 3,08% 9,73% Weighted Benchmark 1,84% 0,67% 0,43% 1,11% 1,48% 0,55% 1,09% -0,68% -0,08% 1,56% 0,89% 1,19% 4,02% 10,50% * IMA-Composed (20% IMA-S + 14,4% IRF-M1 + 25,6% IRF-M % IMA-B5 + 10% IMA-B5+) since January Previous benchmark was IMA-G ex-c Page 7
8 9- Performance Moderate profile Fixed Income: IMA Composed Bradesco 1,96% 0,62% 0,19% 1,29% 1,76% 0,46% 1,02% -1,03% -0,44% 1,63% 0,87% 1,27% 3,34% 9,98% Itaú 2,12% 0,55% 0,06% 1,62% 1,89% 0,29% 0,65% -1,16% -0,47% 1,52% 0,84% 1,18% 2,56% 9,42% IMA- Composed * 1,89% 0,66% 0,40% 1,12% 1,51% 0,52% 1,08% -0,78% -0,15% 1,59% 0,88% 1,19% 3,85% 10,34% Hedge Funds ARX 0,49% 1,02% 0,68% 0,65% 1,06% -0,94% 1,81% 1,24% 1,91% 1,28% 0,78% 0,14% 7,38% 10,57% BBM 0,14% 0,69% 1,54% -0,12% 2,08% 0,65% 1,91% 1,57% 2,69% 0,88% 1,66% 0,88% 9,98% 15,54% Safra 3,06% 6,43% 4,46% -1,06% 2,90% -1,96% 4,43% -4,62% 1,53% 0,43% 1,02% 2,48% 5,14% 20,25% CDI 0,93% 0,82% 1,03% 0,95% 0,98% 1,06% 1,18% 1,11% 1,11% 1,11% 1,06% 1,16% 6,92% 13,24% Long & Short BNP Paribas -0,15% 1,79% 1,12% 0,12% 0,76% 1,04% 0,13% 0,82% 0,80% 0,88% 0,62% 1,92% 5,28% 10,28% Oceana 0,41% 0,93% 1,37% 0,87% 0,76% 1,32% 0,35% 1,45% 0,49% 0,94% 0,15% 1,18% 4,64% 10,69% Santander 0,87% 0,79% 0,66% 0,62% 1,05% 1,09% 1,12% 1,36% 1,92% 0,46% 0,79% 1,19% 7,02% 12,57% CDI 0,93% 0,82% 1,03% 0,95% 0,98% 1,06% 1,18% 1,11% 1,11% 1,11% 1,06% 1,16% 6,92% 13,24% Equities: IBrX Bradesco -5,70% 7,36% 0,19% 8,06% -4,64% 1,10% -2,47% -7,42% -3,01% -0,94% -1,66% -3,77% -17,90% -13,24% Oceana -7,41% 9,89% 1,23% 8,37% -5,06% 0,77% -4,20% -7,70% -3,09% 1,81% -2,02% -1,85% -16,11% -10,41% IBrX -5,88% 9,33% -0,51% 9,12% -5,47% 0,76% -3,44% -8,25% -3,11% 1,36% -1,66% -3,79% -17,68% -12,41% Equities: Dividends BTG Pactual -3,25% 8,25% 1,95% 5,21% -3,57% 1,99% -1,40% -6,34% -2,39% 1,87% -1,59% -2,05% -11,49% -2,20% Vinci -3,13% 5,25% -0,53% 3,36% -3,60% 0,38% -0,02% -7,39% 1,45% 3,96% -0,47% -1,55% -4,32% -2,96% IDIV -11,18% 10,17% -4,14% 11,84% -6,97% -2,50% -3,46% -11,08% -6,18% 6,45% -7,60% -3,75% -23,75% -27,45% Equities: Value & Growth BRZ -7,53% 3,63% 1,14% 4,24% -2,73% 3,02% 0,77% -5,92% -4,68% 1,69% 0,73% 0,18% -7,26% -6,11% Pollux -4,15% 6,60% 1,62% 4,51% -3,42% 1,51% -1,41% -4,78% -0,36% 2,68% 0,03% -1,15% -5,03% 1,03% Vinci -4,65% 3,63% -1,37% 4,68% -4,13% 0,90% -0,05% -6,88% -0,22% 5,17% 3,19% -0,57% 0,21% -1,11% IBrX -5,88% 9,33% -0,51% 9,12% -5,47% 0,76% -3,44% -8,25% -3,11% 1,36% -1,66% -3,79% -17,68% -12,41% Equities: Offshore FoF Itaú -3,00% 6,40% -5,14% 11,01% -0,49% 5,88% 4,65% 0,45% 0,28% 23,29% MSCI World (BRL) -4,67% 6,24% -4,79% 11,28% 0,13% 4,74% 4,74% 0,88% -0,48% 22,72% Weighted Performance 0,63% 1,74% 0,28% 2,33% 0,54% 0,47% 0,48% -2,18% -0,55% 1,55% 0,47% 0,49% 0,23% 6,36% Weighted Benchmark 0,34% 2,22% 0,04% 3,04% 0,05% 0,35% 0,37% -2,25% -0,69% 1,84% 0,03% 0,05% -0,70% 5,42% * IMA-Composed (20% IMA-S + 14,4% IRF-M1 + 25,6% IRF-M % IMA-B5 + 10% IMA-B5+) since January Previous benchmark was IMA-G ex-c Page 8
9 10- Performance Aggressive profile Fixed Income: IMA Composed Bradesco 1,96% 0,62% 0,19% 1,29% 1,76% 0,46% 1,02% -1,03% -0,44% 1,63% 0,87% 1,27% 3,34% 9,98% Itaú 2,12% 0,55% 0,06% 1,62% 1,89% 0,29% 0,65% -1,16% -0,47% 1,52% 0,84% 1,18% 2,56% 9,42% IMA- Composed * 1,89% 0,66% 0,40% 1,12% 1,51% 0,52% 1,08% -0,78% -0,15% 1,59% 0,88% 1,19% 3,85% 10,34% Hedge Funds ARX 0,49% 1,02% 0,68% 0,65% 1,06% -0,94% 1,81% 1,24% 1,91% 1,28% 0,78% 0,14% 7,38% 10,57% BBM 0,00% 0,00% Safra 0,00% 0,00% CDI 0,93% 0,82% 1,03% 0,95% 0,98% 1,06% 1,18% 1,11% 1,11% 1,11% 1,06% 1,16% 6,92% 13,24% Long & Short BNP Paribas -0,15% 1,79% 1,12% 0,12% 0,76% 1,04% 0,13% 0,82% 0,80% 0,88% 0,62% 1,92% 5,28% 10,28% Oceana 0,41% 0,93% 1,37% 0,87% 0,76% 1,32% 0,35% 1,45% 0,49% 0,94% 0,15% 1,18% 4,64% 10,69% Santander 0,87% 0,79% 0,66% 0,62% 1,05% 1,09% 1,12% 1,36% 1,92% 0,46% 0,79% 1,19% 7,02% 12,57% CDI 0,93% 0,82% 1,03% 0,95% 0,98% 1,06% 1,18% 1,11% 1,11% 1,11% 1,06% 1,16% 6,92% 13,24% Equities: IBrX Bradesco -5,70% 7,36% 0,19% 8,06% -4,64% 1,10% -2,47% -7,42% -3,01% -0,94% -1,66% -3,77% -17,90% -13,24% Oceana -7,41% 9,89% 1,23% 8,37% -5,06% 0,77% -4,20% -7,70% -3,09% 1,81% -2,02% -1,85% -16,11% -10,41% IBrX -5,88% 9,33% -0,51% 9,12% -5,47% 0,76% -3,44% -8,25% -3,11% 1,36% -1,66% -3,79% -17,68% -12,41% Equities: Dividends BTG Pactual -3,25% 8,25% 1,95% 5,21% -3,57% 1,99% -1,40% -6,34% -2,39% 1,87% -1,59% -2,05% -11,49% -2,20% Vinci -3,13% 5,25% -0,53% 3,36% -3,60% 0,38% -0,02% -7,39% 1,45% 3,96% -0,47% -1,55% -4,32% -2,96% IDIV -11,18% 10,17% -4,14% 11,84% -6,97% -2,50% -3,46% -11,08% -6,18% 6,45% -7,60% -3,75% -23,75% -27,45% Equities: Value & Growth BRZ -7,53% 3,63% 1,14% 4,24% -2,73% 3,02% 0,77% -5,92% -4,68% 1,69% 0,73% 0,18% -7,26% -6,11% Pollux -4,15% 6,60% 1,62% 4,51% -3,42% 1,51% -1,41% -4,78% -0,36% 2,68% 0,03% -1,15% -5,03% 1,03% Vinci -4,65% 3,63% -1,37% 4,68% -4,13% 0,90% -0,05% -6,88% -0,22% 5,17% 3,19% -0,57% 0,21% -1,11% IBrX -5,88% 9,33% -0,51% 9,12% -5,47% 0,76% -3,44% -8,25% -3,11% 1,36% -1,66% -3,79% -17,68% -12,41% Weighted Performance -0,76% 2,70% 0,26% 3,10% -0,59% 0,64% -0,23% -3,13% -1,02% 1,38% 0,18% 0,01% -2,84% 2,42% Weighted Benchmark -1,11% 3,72% -0,19% 4,38% -1,17% 0,39% -0,53% -3,43% -1,28% 1,86% -0,45% -0,53% -4,34% 1,41% * IMA-Composed (20% IMA-S + 14,4% IRF-M1 + 25,6% IRF-M % IMA-B5 + 10% IMA-B5+) since January Previous benchmark was IMA-G ex-c Page 9
Happy New Year. PREVI NOVARTIS MONTHLY REPORT November 19, Macroeconomic Overview
Happy New Year PREVI NOVARTIS MONTHLY REPORT 1- Macroeconomic Overview The global economy shows signs of resilience; growth in mature economies maintains a good pace, despite the slowdown in emerging markets.
More informationEmerging markets are pressured by the global scenario; In Brazil, the Central Bank initiated a downward interest rate cycle
Previ Novartis 1- Overview Macroeconômico Emerging markets are pressured by the global scenario; In Brazil, the Central Bank initiated a downward interest rate cycle Internacional In the US, the presidential
More informationGlobal growth remained solid, with falling unemployment and low inflation; in Brazil the economy presented the first concrete signs of recovery
Previ Novartis 1- Overview Macroeconômico Global growth remained solid, with falling unemployment and low inflation; in Brazil the economy presented the first concrete signs of recovery Internacional Internacional
More informationPREVI NOVARTIS REPORT. 1- Macroeconomic Overview. July 14th, 2017
Previ Novartis 1- Macroeconomic Overview In the US, activity and inflation data were below the desired level, despite this, FOMC raised the interest rate; In Brazil,markets showed ease even with uncertain
More informationGlobal economy continues growing; in Brazil, economic activity begins to show signs of gradual recovery
Previ Novartis 1- Macroeconomic Overview Global economy continues growing; in Brazil, economic activity begins to show signs of gradual recovery Internacional In the US, the market remains strong with
More informationPREVI NOVARTIS MONTHLY REPORT. 1- Macroeconomic Overview. September,
1- Macroeconomic Overview FED has strengthened the possibility of an interest hike this year. In Brazil, Copom maintained the interest rate stable, but set the terms for a cut in the coming months. Internacional
More informationPREVI NOVARTIS MONTHLY REPORT March 18, Macroeconomic Overview
1- Macroeconomic Overview Cautious view adopted by the FED concerning global scenario uncertainties. In Brazil, the recession deepens and to reverse the situation without reforms will be challenging. Internacional
More information1- Macroeconomic Scenario
PREVI NOVARTIS MONTHLY REPORT May 15, 2014 1- Macroeconomic Scenario The economic recovery has been consolidating in the United States and Europe. In emerging markets, the momentum is positive but growth
More informationPREVI NOVARTIS REPORT. 1- Macroeconomic Overview. April 17, 2017
Previ Novartis 1- Macroeconomic Overview Expectations for the global economy remain favorable. In Brazil, inflation continues falling and the Central Bank accelerates the pace of interest rate cut International
More informationPREVI NOVARTIS MONTHLY REPORT. 1- Macroeconomic Overview. October 17, 2016
1- Macroeconomic Overview Domestic Outlook: recovery in sight, but sustained growth depends on reforms. Internacional Global economy remains stable, with steady yet low growth. US continue to show moderate
More informationPREVI NOVARTIS MONTHLY REPORT. 1- Macroeconomic Overview. July 12, 2016
1- Macroeconomic Overview UK voted to leave the European Union and Fed has postponed interest rates hikes. In Brazil, economic fundamentals have improved, but government accounts still deteriorates. International
More information1- Macroeconomic Scenario
PREVI NOVARTIS MONTHLY REPORT March 17, 2014 1- Macroeconomic Scenario In the global scenario, the highlights are the severe winter which has been affecting negatively the United States economy. In spite
More informationEmerging markets are pressured by the global scenario; In Brazil, the Central Bank initiated a downward interest rate cycle
Previ Novartis 1- Overview Macroeconômico Emerging markets are pressured by the global scenario; In Brazil, the Central Bank initiated a downward interest rate cycle Internacional In the US, the presidential
More informationPREVI NOVARTIS MONTHLY REPORT February 14, Macroeconomic Scenario
PREVI NOVARTIS MONTHLY REPORT February 14, 2014 1- Macroeconomic Scenario The outlook for global growth keeps improving. This scenario is benign, but not without risks to the emerging countries, including
More informationPREVI NOVARTIS MONTHLY REPORT. 1- Macroeconomic Overview. December 12, 2016
Previ Novartis 1- Macroeconomic Overview In the United States, Donald Trump's election brought high volatility for the markets; in Brazil, the Central Bank continued the interest rate cutting cycle International
More information1- Macroeconomic Scenario
PREVI NOVARTIS MONTHLY REPORT June 15, 2014 1- Macroeconomic Scenario The external environment remains positive for emerging countries. After a weak start to the year, economic activity in major economies,
More informationEconomic Outlook. Macroeconomic Research Itaú Unibanco
Economic Outlook Macroeconomic Research Itaú Unibanco March 2015 Overview International Global growth on the rise. U.S. interest rates will soon follow U.S. economic fundamentals remain solid. Rates are
More informationMacro Research Economic outlook
Macro Research Economic outlook Macroeconomic Research Itaú Unibanco April 2017 Roadmap Global Economy The global outlook remains favorable Global growth positive momentum continues, with a synchronized
More informationChallenges to monetary policy in the EMEs
Challenges to monetary policy in the EMEs A view into the Brazilian Case Governor of the Banco Central do Brasil Ilan Goldfajn November 18th, 2017 Outline Benign international conditions and Emerging Markets
More informationHSBC Fund Update. HSBC GIF Global Emerging Markets Bond. April Market overview. Portfolio strategy
HSBC Fund Update April 2016 HSBC GIF Global Emerging Markets Bond Market overview The rally in Emerging Market (EM) assets continued in March given the improvement in global risk sentiment on the back
More informationBrazilian Federal Public Debt. October 15th,2012
Brazilian Federal Public Debt October 15th,2012 Federal Public Debt Macroeconomic Overview Economic Policy Economic Activity and Recent Events Public Debt Management 2 Dec/99 Dec/00 Dec/01 Dec/02 Dec/03
More informationBRAZIL 2015 Outlook. Joaquim V. F. Levy New York February
Joaquim V. F. Levy New York February 18 2015 BRAZIL 2015 LEARNING BY DOING Hitachi Feb 2014 BRAZIL 2015 LEARNING BY DOING Nissan Apr 2014 Nissan Apr 2014 Brotas 2014 Saint Gobain May 2014 Knauf June 2014
More informationMONTHLY LETTER: DECEMBER/2014
Dear Investors: In December, Brasil Capital Equity Fund and Brasil Capital Long Only Fund had negative results of -6.59% and -5.56% respectively, compared to the Ibovespa* -11.93% low. The year of 2014
More informationBrazil Review. Depreciation of the Real Sharpens. The Brazilian Economy in March 2015
Brazil Review Wednesday, April 01, 2015 Depreciation of the Real Sharpens The Brazilian Economy in March 2015 GDP growth reached 0.1% in 2014. The latest confidence and employment indicators showed a further
More informationBrazil Review March 1, 2018
Brazil Review March 1, 2018 Central Bank near the end of the easing cycle The Brazilian economy in February 2018 The Central Bank reduced the benchmark Selic interest rate by 25 bps to 6.75% and signaled
More informationWeekly Macroeconomic Review
16/10/2012 Weekly Macroeconomic Review Expectations derived from the capital market Our forecast Inflation in the coming months Inflation through September 2013 CPI (average annual rate) Inflation through
More informationLACEA/LAMES Implications for Latin America: BRAZIL" 05/10/2007
LACEA/LAMES 2007 Global Financial Markets Turmoil and Implications for Latin America: BRAZIL" 05/10/2007 Márcio Garcia www.econ.puc-rio/mgarcia I. Inflation, Output Growth and Unemployment GDP Growth and
More informationEconomic Outlook. Macro Research Itaú Unibanco
Economic Outlook Macro Research Itaú Unibanco June, 2013 Agenda Economia Global Heterogeneous growth: U.S. growing faster, Europe in recession. Deceleration in the emerging economies. The Fed signals a
More informationMarkets Stabilize, GDP Grows 2.3% in 2013
Brazil Review Monday, March 03, 2014 Markets Stabilize, GDP Grows 2.3% in 2013 The Brazilian economy in February 2014 Financial markets have stabilized, with appreciation of the Brazilian real and a decline
More informationMarket Insight Economy and Asset Classes December Oil Prices Downtrending: The Real Global Economic Stimulus
Market Insight Economy and Asset Classes December 2014 Oil Prices Downtrending: The Real Global Economic Stimulus 2 Equities Markets Feature In Citi analysts view, the expansion phase the US are enjoying
More informationECONOMIC FACT SHEET 2 ND QTR., 2013
1 ECONOMIC FACT SHEET 2 ND QTR., 2013 Data and consensus expectations 2013 2013* GDP growth - 2013 forecast - 2.5 %* Unemployment - (may) 5.8 % - Public debt/gdp (apr.) 35. - Inflation (IPCA p.a.) - jun.
More informationEconomic Outlook January, 2012
Economic Outlook January, 2012 Summary Global economy Low global growth scenario, tail risks have become smaller. Risks (Debt Ceiling, elections in Italy, growth in Europe). Brazil Activity shows signs
More informationEconomic and Market Outlook
Economic and Market Outlook Third Quarter 2018 Investment Products: Not FDIC Insured No Bank Guarantee May Lose Value Past performance is no guarantee of future results. Financial term and index definitions
More informationCapital Markets and M&A in Latin America
Capital Markets and M&A in Latin America 10th Annual LABA Conference Latin America: Growth Perspectives in a Shifting Political Landscape Bernardo Parnes Chief Executive Officer - Banco Bradesco BBI S.A.
More informationEmerging Markets Weekly Economic Briefing
Emerging Markets Weekly Economic Briefing The risks of renewed capital flight from emerging markets Recent episodes of capital flight from emerging markets have highlighted the vulnerability of a number
More informationQ Outlook and Strategy Income Funds
Q3 Outlook and Strategy Income Funds Industry Recognitions for Asian Fixed Income Capabilities Organiser Award Asia Asset Management Best of the Best Performance Awards 2015: Asian Bonds (3 years) 1 Best
More informationMacro Research Economic outlook
Macro Research Economic outlook Macroeconomic Research Itaú Unibanco August 2017 Roadmap Global Economy Positive environment for emerging markets continues Global growth remains solid. We revised our GDP
More informationFixed Income Update: June 2017
Fixed Income Update: June 2017 James Kochan Chief Fixed-Income Strategist Overview Political turmoil may obscure but does not usually overwhelm the economic fundamentals that drive the bond markets.. Those
More information0 V3 12/11/58 15:51 น.
0 1 Management Discussion and Analysis Overview of the Economy and Banking Thai Economy in the Third Quarter of Thailand s economy in the third quarter of recovered at a moderate pace. Domestic demand
More informationWeekly Macroeconomic Review
20/12/2011 Weekly Macroeconomic Review Expectations derived from the capital market Our forecast Inflation in the coming months Future cumulative inflation next 12 CPIs (through November 2012 CPI) Inflation
More informationBrazil. Mauricio Oreng Senior Brazil Strategist Aug-17. Macroeconomic outlook. Marketing communication
Mauricio Oreng Senior Brazil Strategist Aug-17 Brazil Macroeconomic outlook Marketing communication Brazil s worst recession on record... 12 10 % real annual growth 8 6 4 2 0 GDP forecast 2017: 0.1% -2
More informationBrazil: the adjustment continues, GDP is contracting and inflation is taking off
Brazil: the adjustment continues, GDP is contracting and inflation is taking off Enestor Dos Santos BBVA Research Principal Economist: Emerging Economies Unit Brazil Economic Outlook 2T25 Madrid, 3 June
More information2018 Investment and Economic Outlook
2018 Investment and Economic Outlook Presented 3/19/18 Jeffrey Neer, CFA Client Portfolio Manager 410-237-5592 jeffrey.neer@pnc.com 1 Monetary Policy: Key Factors Inflation U.S. U.S. Labor Market 2.4%
More informationMAY 2018 Capital Markets Update
MAY 2018 Market commentary U.S. ECONOMICS The U.S. added 223,000 jobs to payrolls in May, well above the consensus estimate of 180,000 and the expansion average of around 200,000. Sector job gains were
More informationThe real change in private inventories added 0.15 percentage points to the second quarter GDP growth, after subtracting 0.65% in the first quarter.
QIRGRETA Monthly Macroeconomic Commentary United States The U.S. economy rebounded in the second quarter of 2007, growing at an annual rate of 3.4% Q/Q (+1.8% Y/Y), according to the GDP advance estimates
More informationQUARTERLY FUND HIGHLIGHTS
Global Economic Highlights The Jamaican equity market continued its strong performance during the second quarter, with the JSE Main Index increasing by.80%. Year to date the Index increased by 6.02%. This
More informationBrazil Economic Weekly
Macroeconomic Research Department Macroeconomic Research Department Brazil Economic Weekly July 7 th 2017 Domestic outlook remains asymmetric: signs of a slow economic recovery and continuing disinflation
More informationBrazil Economic Weekly
Macroeconomic Research Department Macroeconomic Research Department Brazil Economic Weekly June 9 th 2017 Current indicators show weakened economic activity, leading us to adjust our GDP and inflation
More informationYear in review Summary
Summary Canadian equities declined in 2018 and underperformed their global peers in Canadian dollar terms. U.S. equities also corrected as the risk of slowing pace of economic expansion, higher interest
More informationFixed Income Presentation 1Q18
Fixed Income Presentation 1Q18 1 Agenda 1. Company Overview 2. Investment Highlights 3. Operating and Financial Highlights 2 Section 1 Company Overview 3 Company Overview Company Overview Competitive Advantages
More information2011 Ringgit Bond Market Outlook
211 Ringgit Bond Market Outlook Wan Murezani Wan Mohamad Head Fixed Income Research 211 Investor Briefing 22 March 211 MALAYSIAN RATING CORPORATION BERHAD Clarity and Integrity www.marc.com.my Disclaimer
More informationMacro Research Economic outlook
Macro Research Economic outlook Macroeconomic Research Itaú Unibanco April 2018 Roadmap Global Economy Global growth on track, trade risk to fade Global growth has kept up a good pace, supported by easy
More informationLATAM MACRO ANALYSIS Q1 2016
Prepared by: Fernando Honorato Barbosa Chief Economist and Head of Research OVERVIEW OF THE REGION In another volatile first quarter, the market shifted from depression to euphoria, benefiting emerging
More informationBrazil Review June 1, 2018
Brazil Review June 1, 2018 Truckers strike on the spotlight The Brazilian economy in May 2018 The government approved several measures to end the truck driver s strike, with negative fiscal impact. GDP
More informationECONOMIC OUTLOOK. September, 2017 MINISTRY OF ECONOMY AND SUSTAINABLE DEVELOPMENT
ECONOMIC OUTLOOK September, 2017 MINISTRY OF ECONOMY AND SUSTAINABLE DEVELOPMENT CONTENTS GDP growth... 3 Potential Level of Economic Growth and GDP Gap... 3 Macroeconomic Environment in the Region...
More informationEconomic Outlook: Global and India. Ajit Ranade IEEMA T & D Conclave December 12, 2014
Economic Outlook: Global and India Ajit Ranade IEEMA T & D Conclave December 12, 2014 Global scenario US expected to drive global growth in 2015 Difference from % YoY Growth October Actual October Projections
More informationLACEA/LAMES 2007 BRAZIL" 05/10/2007
LACEA/LAMES 2007 Policy Responses to Sudden Stops in BRAZIL" 05/10/2007 Márcio Garcia www.econ.puc-rio/mgarcia Introduction (1/2) Brazil suffered in 2002 a sudden stop. Capital flows fell by some USD 24
More information1.1. Low yield environment
1. Key developments Overall, the macroeconomic outlook has deteriorated since June 215. Although many European countries continue to recover, economic growth still remains fragile reflecting high public
More informationFor personal use only
AMYF SERIES QUARTERLY UPDATE 1 OCTOBER 2016 31 DECEMBER 2016 SUMMARY AUSTRALIAN MASTERS YIELD FUND SERIES (AMYF SERIES) HIGHLIGHTS AMYF Series announced the following quarterly dividends and capital returns:
More informationFixed Income Presentation 3Q17
Fixed Income Presentation 3Q17 1 Agenda 1. Company Overview 2. Investment Highlights 3. Operating and Financial Highlights 2 Section 1 Company Overview 3 Company Overview Company Overview Competitive Advantages
More informationAfter the Rate Increase, What Then?
After the Rate Increase, What Then? Robert Eisenbeis, Ph.D. Vice Chairman & Chief Monetary Economist Bob.Eisenbeis@Cumber.com What the FOMC Did At Dec Meeting The Fed made the first step towards normalization
More informationFed described the economy as "slow" and said employers remained reluctant to create jobs and Inflation "somewhat low.
08 Nov 2010 UNITED STATES The ISM manufacturing index rose to 56.9 in October from 54.4 in September, led by growth in autos, computers and exported goods. The ISM non-manufacturing index rose to 54.3
More informationBrazil Review. U-Turn in Exchange Rate Policy. The Brazilian economy in December 2012
Brazil Review Wednesday, January 02, 2013 U-Turn in Exchange Rate Policy The Brazilian economy in December 2012 The Brazilian economy proved to be harder to manage, with simultaneous concerns involving
More informationRecent Economic Developments
REPUBLIC OF INDONESIA Recent Economic Developments January, 2010 Published by Investors Relations Unit Republic of Indonesia Address Bank Indonesia International Directorate Investor Relations Unit Sjafruddin
More informationCapital Flows to Latin America: Policy Challenges and Responses
Capital Flows to Latin America: Policy Challenges and Responses Javier Guzmán Calafell Director General Center for Latin American Monetary Studies INTERNATIONAL CAPITAL MOVEMENTS: OLD AND NEW DEBATES Cusco,
More informationEconomic Analysis - Brazil 3rd Quarter 2011
Research & Analyse Økonomisk Analyse October 11 th 2011 Economic Analysis - Brazil 3rd Quarter 2011 Contact: info@exactinvest.dk +45 70 22 87 77 Research & Analysis Søren Møller-Larsson sml@exactinvest.dk
More informationBrazil: Dire fiscal constraints imply binary outcomes
Economic and Financial Analysis 20 October 2017 Global Economics 20 October 2017 Article Brazil: Dire fiscal constraints imply binary outcomes There are reasons to be optimistic about Brazil's economic
More informationBrazil Economic Outlook
Brazil Economic Outlook 1 ST QUARTER 216 LATIN AMERICA UNIT 1 The prospects for the Brazilian economy continue to worsen. The ongoing crisis is still far from being over 2 GDP is now expected to fall 3.%
More informationEarnings Presentation
Earnings Presentation 4 th Quarter, 2014 Disclaimer: This presentation may include references and statements on expectations, planned synergies, growth estimates, projections of results, and future strategies
More information2017 was a Banner Year Look for a More Normal 2018
Retirement Income Solutions Helping to grow and preserve your wealth 2017 was a Banner Year Look for a More Normal 2018 February 2018 Summary The U.S. stock market posted a strong 2017 with returns of
More informationAsset Allocation Monthly
For professional investors Asset Allocation Monthly September 2015 Joost van Leenders, CFA Chief Economist, Multi Asset Solutions joost.vanleenders@bnpparibas.com +31 20 527 5126 Growth weakness in emerging
More informationBrazil Review March 1, 2017
Brazil Review March 1, 2017 Congress debates Social Security Reform The Brazilian economy in February 2017 The Lower House Special Committee began its analysis of the Social Security Reform. The government
More informationPublic Debt Strategy in Mexico
Public Debt Strategy in Mexico 3rd OECD-China Forum on Public Debt Management and Government Securities Markets September 2006, Beijing, China www.hacienda.gob.mx/ucp 2 Index 1. Debt Management Strategy
More informationEmerging Markets Q3 Recap: Sentiment Remains Strong
Emerging Markets Q3 Recap: Sentiment Remains Strong October 18, 2016 by Mark Mobius of Franklin Templeton Investments Templeton Emerging Markets Group has a wide investment universe to cover tens of thousands
More information4. Credit markets. (Chart 28) Corporate bond spreads (Japan) % points 0.6. Aa A Baa
. Credit markets Credit spreads remained at extremely tight levels (Chart 8). The favorable environment for financing through products such as CPs, corporate bonds, syndicated loans and securitized products
More informationThe global financial system crisis. Opportunities for Banco do Brasil
The global financial system crisis Opportunities for Banco do Brasil 1 Disclaimer This presentation contains references and statements, planned synergies, increasing estimates, projections of results and
More informationOutlook and Strategy Income Funds
Q 3 Outlook and Strategy Income Funds Industry Recognitions for Asian Fixed Income Capabilities Organiser Award Asia Asset Management Best of the Best Performance Awards 2015: Asian Bonds (3 years) 1 Best
More informationThe Korean Economy: Resilience amid Turbulence
The Korean Economy: Resilience amid Turbulence Dr. Il SaKong Special Economic Advisor Adviser to the President Republic of Korea November 17, 17, 2008 November 17, 2008 1. Recent Macroeconomic Developments
More informationEXCHANGE RATE FORECASTS
April 2014 EXCHANGE RATE FORECASTS MODEST ROOM FOR A STRONGER U.S. DOLLAR IN 2014-2015 AFTER 2013 S LARGE GAINS U.S. Dollar: The dollar index has inched higher in 2014 as the dollar strengthened against
More informationSchroder Asian Income Monthly Fund Update
Schroder Asian Income Monthly Fund Update Fund Performance As at 30 September 2014, SGD 1 month Year to date Since launch* Schroder Asian Income Fund (Bid-Bid) (%) -1.7 8.4 35.2 Schroder Asian Income Fund
More informationHSBC Global Investment Funds - Brazil Equity
HSBC Global Investment Funds - Brazil Equity S Share Class 30 Jun 2018 30/06/2018 Fund Objective and Strategy Investment Objective The Fund seeks long-term total return (meaning capital growth and income)
More informationABF Hong Kong Bond Index Fund
ABF Hong Kong Bond Index H Risk Disclosure Investments involve risks. Investors are advised to consider their own investment objectives and circumstances in determining the suitability of an investment
More informationFourth Quarter 2015 Market Review. March 2016
Fourth Quarter 2015 Market Review March 2016 Agenda Market Review Investment Outlook and Portfolio Positioning 2 2015 was a Challenging Year for Investment Returns Last year was the first time since 2001
More informationBanco do Brasil Ordinary Shareholders Meeting 4/26/2012. Management Proposals and Other Documents for Information to Shareholders
Banco do Brasil Ordinary Shareholders Meeting 4/26/2012 Management Proposals and Other Documents for Information to Shareholders Ordinary Shareholders Meeting - Comments from Management (CVM 481, Art.
More informationTarget Funds. SEMIANNual REPORT
SEMIANNual REPORT November 30, 2017 T. Rowe Price Target Funds The funds invest in a diversified portfolio of T. Rowe Price mutual funds, offering a professionally managed, age-appropriate mix of stocks
More informationEconomic and Market Outlook
Economic and Market Outlook Fourth Quarter 2018 Investment Products: Not FDIC Insured No Bank Guarantee May Lose Value Past performance is no guarantee of future results. Financial term and index definitions
More informationHSBC Fund Update. HSBC GIF Global Emerging Markets Bond. March Summary. Market overview. market.
HSBC Fund Update March 2015 HSBC GIF Global Emerging Markets Bond Summary Market sentiment improved in February given supportive global developments including the interim agreement between Greece and its
More informationEarnings Release 3Q16. Earnings Release 3Q16. Page 1 of 21
Earnings Release 3Q16 Page 1 of 21 São Paulo, November 07, 2016 Banco Pan S.A. ( Pan, Bank or Company ) and its subsidiaries, pursuant to legal provisions, hereby releases its results for the quarter ended
More informationMACROECONOMIC OUTLOOK
BRADESCO-APIMEC MACROECONOMIC OUTLOOK DECEMBER, 2015 FABIANA D ATRI Economic Research Departament- DEPEC 2 International outlook INTERNATIONAL SCENARIO Comingtotheendofcommoditiescycle Chinese economy
More informationMyanmar Economic Monitor May 2018 Growth Amidst Uncertainty. Hans Anand Beck Lead Economist, Myanmar
Myanmar Economic Monitor May 2018 Growth Amidst Uncertainty Hans Anand Beck Lead Economist, Myanmar May 17, 2018 Key Takeaways The economy performed better in 2017/18 amidst uncertainty. A stronger-than-expected
More informationHayman Global Outlook. Texas Investor Summit February 14, 2014
Hayman Global Outlook Texas Investor Summit February 14, 2014 Disclaimer PLEASE READ THE FOLLOWING IN CONJUNCTION WITH YOUR REVIEW OF THIS PRESENTATION Confidential information. The information contained
More informationGlobal Macro & Managed Futures Strategies: Flexibility & Profitability in times of turmoil.
Global Macro & Managed Futures Strategies: Flexibility & Profitability in times of turmoil. Robert Puccio Global Head of Macro, Quantitative, Fixed Income and Multi-Strategy Research For attendees at the
More informationMonthly Economic Report
Monthly Economic Report April 19, 2018 Copyright Mizuho Research Institute Ltd. All Rights Reserved. 1. The Japanese Economy: the business conditions DI deteriorated; FY2018 fixed investment plans were
More informationLeumi. Global Economics Monthly Review. Arie Tal, Research Economist. May 8, The Finance Division, Economics Department. leumiusa.
Global Economics Monthly Review May 8, 2018 Arie Tal, Research Economist The Finance Division, Economics Department Leumi leumiusa.com Please see important disclaimer on the last page of this report Key
More informationINSTITUTIONAL PRESENTATION
ICBC DO BRASIL BANCO MÚLTIPLO S/A INSTITUTIONAL PRESENTATION Yunpeng Zhou Nov 2017 Industrial and Commercial Bank of China Through its continuous endeavor and stable development, ICBC has developed into
More informationNorth American Steel Industry Recent Market Developments, Future Prospects and Key Challenges
North American Steel Industry Recent Market Developments, Future Prospects and Key Challenges OECD Steel Committee December 1-11, 29 Paris, France * American Iron and Steel Institute (AISI) Steel Manufacturers
More informationAsset Allocation Monthly
For professional investors Asset Allocation Monthly October 2015 Joost van Leenders, CFA Chief Economist, Multi Asset Solutions joost.vanleenders@bnpparibas.com +31 20 527 5126 Uncertainty about US monetary
More informationEarnings Presentation
Earnings Presentation 3 rd Quarter, 2014 Disclaimer: This presentation may include references and statements on expectations, planned synergies, growth estimates, projections of results, and future strategies
More informationBM&FBOVESPA announces June market performance
BM&FBOVESPA announces June market performance Total of agribusiness securities registered with the Exchange rises from BRL 14.83 billion to BRL 19.79 billion Agribusiness derivatives total 194,465 contracts
More informationEconomic and Financial Markets Monthly Review & Outlook Detailed Report October 2017
Economic and Financial Markets Monthly Review & Outlook Detailed Report October 17 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Overview of the Economy Business and economic confidence indicators
More information